State expenditure less by 23 percent, revenue sees 6 percent increase

Under the government's fiscal reform actions, State expenditure has been decreased by 23 percent so far this year.

As per the Weekly Fiscal Report shared by the Finance Ministry, MVR 20.6 billion has been spent from the State budget as of last Thursday. This is an 8.7 decrease compared to spending in the same period last year.

While recurrent expenditure has gone down by 5.3 percent, capital expenditure saw a 72.1 percent decrease.

Of the MVR 20.8 billion included in the budget as administrative expenses, MVR 8.2 billion has been spent as of now. This is MVR 1.1 billion less than in the same timeframe last year. In 2024, the figure was at MVR 9.3 billion.

Procurement of material needed for administrative purposes decreased by 71.5 percent.

Travel expenses from the State Budget also decreased by 17.2 percent as compared to last year.

State revenue and grants come up to MVR 17 billion as of the end of last week, marking a 6 percent increase from 2024.

With increased taxes, tax revenue is at MVR 13.2 billion, of which green tax increased by 88.5 percent from last year. Airport Service Charge also increased by 46.9 percent.

As the number of visitors to Maldives increased by about 9 percent than the same period last year, Airport Development Fee also increased by 44.5 percent.

With the increase in revenue, the amount deposited in the Sovereign Development Fund also increased by 42.9 percent.

Despite having paid back over MVR 5 billion in debt, budget surplus has been maintained at MVR 1.3 billion.